Post on path to i.p.o. for private brands business

ST. LOUIS — Post Holdings, Inc. on March 28 took a first step toward a possible initial public offering of its private brands business, filing a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission. The submission was made confidentially, meaning the number of shares of stock and the price range of the proposed offering have not been determined.

The filing comes a little less than three months after Post announced on Jan. 11 its plan to combine its private brands businesses, which produce nut butter, healthy snacks and pasta, and explore a range of strategic alternatives for the combined private brands business.

“Post is continuing to evaluate strategic alternatives for the combined private brands business, including an initial public offering, a placement of private equity, a sale of the business or a strategic combination,” the company said. “The announcement and confidential submission of a draft registration statement on Form S-1 does not indicate Post’s selection of a strategic alternative for its private brands business.”

Back in January, Post named James E. Dwyer, president and chief executive officer of Post’s Michael Foods Group, as head of the private brands business. At that time, the company said it expects to report the private brands businesses, including Golden Boy, Dakota Growers and Attune Foods, as one segment beginning in the second quarter of fiscal year 2018. In the fiscal year ended Sept. 30, 2017, these businesses combined had sales of $791.2 million, net earnings of $43.4 million and adjusted EBITDA of $106.9 million.

“Private brands will continue to be a strong growth driver across all trade channels and customers,” Mr. Dwyer said at the time. “It’s exciting to create a business singularly focused on partnering with customers to profitably grow our respective businesses.”